General Ledger and Reporting system – Flashcards
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4 general ledger reporting systems
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Update general ledger Post adjusting entries Prepare financial statements Produce managerial reports
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Update general ledger threats
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Inaccurate updating of general ledger Unauthorized journal entries
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Controls Inaccurate updating of general ledger
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Data entry processing integrity controls Reconciliation and control reports Audit trail creation and review
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Unauthorized journal entries
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Access controls Reconciliations and controls reports Audit trail creation and review
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Post adjusting entry threats
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Inaccurate adjusting entries Unauthorized adjusting entries
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Controls - Inaccurate adjusting entries
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Data entry processing controls Spreadsheet error protection controls Standard adjusting entries Reconciliations and control reports Audit trail creation and review
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Unauthorized adjusting entries
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Access controls Reconciliation and controls reports Audit trail creation and review
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Prepare financial statements threats
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Inaccurate financial statements Fraudulent financial reporting
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Controls - inaccurate financial statements
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Processing integrity controls Use of packaged software Training and epertise in applying IFRS XBLR
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Fraudulent financial reporting
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Audits
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Produce managerial reports threats
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Poorly designed reports and graphs
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Controls - poorly designed reports and graphs
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Responsibility accounting Balanced scorecard Training on proper graph design
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2 sources that journal entries are posted from
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Accounting subsystems Treasurer
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journal voucher file
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contains information that would be found in the general journal in a manual accounting system. deal with changes to the general ledger. Contains the date of the entry, accounts debited and credited, and the amounts.....By product of NOT an input to the posting process.
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Trial balance
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lists the balances for all general ledger accounts
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Audit trail
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Traceable path that shows how a transaction flows through the information system
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XBLR
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Extensible business reporting language, programming language for business information.
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instance document
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contains facts about specific financial statement line items
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Responsibility accounting
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reports that breakdown the organizations overall performance
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flexible budget
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budgeted amounts vary in relation to some measure of organization activity
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Balanced scorecard
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report that provides a multi demensional perspective of organization performance
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4 categories on balanced scorecard
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Financial Customer Internal operations Innovation and Learning
